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In the fallout of the Wells Fargo scandal from September of 2016 — in which it was revealed that fraudulent credit and banking accounts were being created for Wells Fargo customers without their knowledge — regulators, customers, and Wells Fargo execs have been looking for someone to blame. And it seems that they’ve found their scapegoats. The bank is putting all the blame on two former executives: Former CEO John G. Stumpf and former head of community banking Carrie L. Tolstedt. Wells Fargo is clawing back $75 million from the two former executives. But is that enough to calm the waters? What other fallout can we expect from the Wells Fargo debacle?
Read The Capitalist’s Take Here
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TROUBLED TOSHIBA REPORTS UNAUDITED RESULTS AFTER 2 DELAYS; MAY NOT BE ABLE TO STAY IN BUSINESS
Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings Tuesday and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March. Tokyo-based Toshiba’s unaudited results showed it racked up a 532.5 billion yen ($4.8 billion) loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a 390 billion yen ($3.5 billion) loss for the fiscal year.
Read More at USA Today Here
Read More at Fortune Here
Read More at CNN Here
U.S. OFFICIALS CONCLUDE RUSSIA KNEW ABOUT SYRIA SARIN GAS ATTACK IN ADVANCE
Russia knew in advance that Syria was planning a chemical weapons attack on its own people but did nothing to prevent it, the US has concluded. A senior US official told AP that Washington had analysed reports of a drone flying over the site, and determined that the drone was operated by the Russians. The drone went up immediately after the April 4 sarin gas attack, and begun
Read More at Telegraph Here
Read More at NY Times Here
Read More at Washington Times Here
Closing Bell
– Tuesday, April 11th
Markets Tick Down as Defense Rally Stalls Out
Big Insider Trades
– Grand Canyon Education, Inc. (LOPE) CEO Brian Mueller Sells $2m
– Hemispherx Biopharma, Inc. (HEB) Director Jean Jacques Bienaime Buys $100k
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